The present invention is process of preparing 3-hydroxy propionate and 1, 3-propylene glycol with epoxide as material. The present invention prepares 3-hydroxy propionate with epoxide, CO and alcohol under the action of cobalt catalyst and co-catalyst, and prepares 1, 3-propylene glycol under the action of 3-hydroxy propionate hydrogenating catalyst. The present invention has the advantages of simple reaction apparatus, simple operation, mild reaction condition, high catalyst activity, no environmental pollution, low production cost, etc.